Changzhou Mingsai Robot Technology has completed its listing guidance with Huatai United Securities, putting a company that withdrew from the STAR Market four years ago back at the start of an IPO queue.
It filed guidance in April 2026 for a Beijing Stock Exchange listing and has now run two guidance phases. In June 2021 its STAR Market application was accepted, seeking RMB 441 million. In October of that year it withdrew.
The stated reasons were two. Revenue had fallen in 2021, so it could no longer satisfy the exchange’s science-and-technology attributes. And it urgently needed new high-grade plant and equipment, which meant it needed the money sooner than the STAR queue would deliver it. One reason was about qualification, the other about timing.
Editor’s note: This is an adapted translation of the original OFweek report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://robot.ofweek.com/2026-11/ART-8321206-8120-30711049.html.
Same three pockets, different contents
The Beijing filing is for up to 13,483,146 shares and RMB 419 million, split across a high-end intelligent manufacturing equipment R&D and industrialisation project, an R&D and test centre, and working capital. Set the two prospectuses side by side and the amounts are RMB 220 million apart, but the weight has moved: the 2021 list read industrialisation plus R&D centre, this one reads research and industrialisation plus a research and test centre. The money is being pushed further upstream, toward verification rather than capacity.
Founder Qu Dongsheng holds a doctorate in mechatronic engineering from Harbin Institute of Technology and controls 32.59 per cent of the company he started in 2008. Mingsai is a national little-giant enterprise with 738 granted patents. Its specialty is not general-purpose industrial robots but high-precision dispensing equipment and its key components.
That niche sits inside advanced packaging. Mingsai holds the SAMP semiconductor-grade high-precision dispensing platform, high-speed multi-valve synchronous operation and precision fluid control, and it was the first Chinese company to put wafer-level dispensing systems into volume localised use. Its SS101 system handles automatic wafer transfer, alignment, preheating, process heating, spraying and cooling, and ships with an AMHS automatic loading robot interface.
A FI300 dispensing robot line is in development for dispensing, mounting, bearing press-fitting, 3D line-scan plasma cleaning and other processes on robot production lines, scheduled for completion by 31 December 2027.
Eighty per cent of a quiet market
According to local Changzhou reporting in August 2025, Mingsai’s dispensing equipment covers wafer-level through panel-level in advanced packaging and handles most underfill applications, with more than 80 per cent domestic market share.
Orders support that. As of 30 September 2025 the backlog was RMB 298 million excluding tax, and the fourth quarter alone added RMB 145 million of new orders.
Revenue climbed from RMB 208 million in 2023 to RMB 285 million in 2024 and RMB 360 million in 2025, with growth of 37.0 per cent and then 26.3 per cent. Net profit went from RMB 28.82 million to RMB 34.82 million to RMB 53.26 million, up 20.8 per cent and then 53.0 per cent. In the first half of 2026 revenue was RMB 204 million, up 36.73 per cent, and net profit was RMB 33.33 million, up 96.14 per cent.
Customers include Hua Tian Technology, Tongfu Microelectronics, Goertek, AAC Technologies, Luxshare Precision, Bozhon, Hesai and Lead Intelligent. Investors include Yuanhe PuHua, Shenzhen Capital Group, Qingshi Asset Management, the Changzhou government fund, Quande Xue Capital, Shanghai Electric Science and Jiangsu High-Tech Investment.
Two years ago the objection was that the numbers did not qualify for a science board. The numbers now show revenue up 73 per cent and profit up 85 per cent since 2023, and a first half that nearly doubled profit. The venue changed because the company changed, not because the bar moved.